Closing Bell

NASCAR and its premier series teams have agreed to extend their charter renewal negotiations window after the prior one lapsed at the end of December. The racing circuit and teams are attempting to figure out a new governing framework with the main issues needing to be solved including the amount of money being offered by NASCAR, how they’ll spilt it and whether charters could become permanently owned by teams. At the moment, teams only control the charters through the end of the current nine-year charter agreement that started in 2016 and expires Dec. 31, 2024.

Five people familiar with the matter confirmed that the sides had extended the negotiating window, with two noting through January. The new deal wouldn’t start until Jan. 1, 2025, but NASCAR may want to avoid having the topic become a distraction once the season begins in February. NASCAR and the Race Team Alliance declined comment.

The charters are NASCAR’s version of franchising in that they provide benefits like a guaranteed annual payment from the league, some governance on league matters and guaranteed starting spots. But they differ from stick-and-ball properties in that teams don’t own NASCAR. The teams’ current negotiating period was due to take place from July 1 through Dec. 31 of last year, according to the terms of the charter agreement reviewed by SBJ, but the sides got off to a later-than-expected start when NASCAR’s talks with networks took longer than anticipated. NASCAR announced seven-year deals with Fox Sports, NBC Sports, Amazon Prime Video, Warner Bros. Discovery and The CW in late November for a combined $7.7B. The exact amount of money that NASCAR has offered to teams has not yet been learned. Sources said that using one methodology that has been discussed in negotiations, the offer represents 42% of the league’s media revenue, which would be up from the current 35%, while a second methodology has those figures at 49% in the new deal, up from 39% in the present agreement.

Teams get 25% of the traditional media revenue under a 65-25-10 split that also involves tracks (65%) and NASCAR (10%), but the figure is closer to 39% when including prize money, according to people familiar with the matter. Some teams were hoping for closer to 45% while some proponents of teams have said that ideally the split should be 50-50. This year, teams are expected to be paid nearly $210M in media rights income, according to information reviewed by SBJ, though there is also track promoter fees and a contribution from NASCAR that add into a larger total, which couldn’t be learned.

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The Commanders are hiring 49ers assistant GM Adam Peters as their new GM, "the first step in revamping their front office under new owner Josh Harris." The team "interviewed a handful of candidates" for the position, including Bears assistant GM Ian Cunningham -- who was the other finalist. Peters will be "the lead football executive" under Harris and "play a key role in hiring Washington's next coach." He'll also "evaluate the current front office," including GM Martin Mayhew -- who worked with Peters for four years with the 49ers (ESPN.com, 1/12).

The "expedited search" was led by Harris, consultants Bob Myers and Rick Spielman, and limited partners Mitch Rales, Magic Johnson and David Blitzer. The search committee "conducted interviews virtually and at Harris’s home offices in Miami." Peters "beat out four other assistant GMs" -- Cunningham, the Eagles' Alec Halaby, the Chiefs' Mike Borgonzi and the Browns' Glenn Cook -- but "appeared to be the group’s leading candidate from the jump because of his record of success" (WASHINGTON POST, 1/12).

The Braves have extended the contract of President of Baseball Operations & GM Alex Anthopoulos "through the 2031 season." Anthopoulos, "the main architect of this Braves roster," has won six National League East titles in a row since taking the job as the organization’s top decision-maker in 2017. He brought a World Series back to Atlanta in 2021, and the club "is set up to be a perennial contender." His previous contract ran through the 2024 season, but "there never seemed to be any real chance that he could depart" (ATLANTA JOURNAL-CONSTITUTION, 1/12).

PGA Tour Commissioner Jay Monahan and Saudi PIF Gov. Yasir Al-Rumayyan recently had "a long conversation on the phone, their first since the framework agreement in June," and that chat has "apparently pushed on the negotiations substantially." Monahan was initially due to meet in person with Al-Rumayyan "before Christmas," but that "was not possible." As a result of the renewed push, outgoing DP World Tour CEO Keith Pelley revealed that he "asked to stay on for an extra three months to help the negotiations get over the line." Pelley is "bound by a non-disclosure agreement" so he "cannot discuss the details of how a merger might look" (London TELEGRAPH, 1/12).

The NFL contracted Dragon Seats to provide six heated benches to the Chiefs and six to the Dolphins ahead of tomorrow night’s AFC Wild Card game. Wind chill at Arrowhead Stadium for the 8pm ET kickoff is expected to drop to around -30 degrees, which would make it one of the coldest NFL games on record. Dragon Seats will be providing heated -- or cooled, in the case of the Browns (playing at Houston’s NRG Stadium against the Texans) -- benches to four of the six NFL playoff games this weekend. 

DoorDash has tapped Wieden+Kennedy to be "the architect behind DoorDash’s new brand platform, 'Your Door to More,'" which will be featured in its third Super Bowl ad. DoorDash will "reveal creative details and strategy behind the spot in the coming weeks" (ADWEEK, 1/12).

Meanwhile, after three straight years of advertising during the Super Bowl, DraftKings "is sitting this one out." DraftKings CMO Stephanie Sherman said the company instead “will be introducing a new round of commercials featuring Kevin Hart during the NFL playoffs and ahead of kickoff before the game.” At least two of DraftKings' sportsbook rivals are advertising in the Big Game -- FanDuel and BetMGM (AD AGE, 1/11).

In addition, Kawasaki will "make its Super Bowl debut" as it begins a new relationship with Omnicom’s Goodby, Silverstein & Partners. The brand and agency "did not disclose which product will be featured in Kawasaki’s 30-second ad" but suggested it would "spotlight a new offering" (AD AGE, 1/11).

X Games Aspen today will name Taiga Motors the exclusive electric snowmobile provider of this month’s event. The Montreal-based company will provide 15 Nomads, the world's first mass-produced 100% electric snowmobile, that will be used onsite for all athlete transportation. The use of the Nomads will not only lower emissions, but it will also reduce the noise pollution as the ‘sleds’ operate with little to no noise.

Echo Entertainment, who produces the MSP Sports Capital-owned event that airs on ESPN, will take advantage of the silence in #TaigaTalk segments, where ESPN’s talent can conduct live interviews with athletes as they ride to the competition starting line. Its Taiga’s first U.S. sports sponsorship, and although Polaris was a lower tier X Games Aspen sponsor several years ago, this is the event’s first full snowmobile partnership.

Longtime Speedway Motorsports exec Kevin Camper, who has led the corporate sales team, has been named EVP & Chief Commercial Officer for Speedway Motorsports (Speedway Motorsports).

The NFL announced that Gwen Stefani will serve as the "marquee performer" at the Super Bowl LVIII TikTok Tailgate on Feb. 11 (VARIETY, 1/12).

English Championship football club Birmingham City has agreed a multiyear partnership with the European arm of Oak View Group as it "ramps up plans for St. Andrew’s stadium under its new ownership group." OVG will work with the club to "develop a long-term strategy to maximise the commercial value of St. Andrew’s and City’s training grounds" (THE STADIUM BUSINESS, 1/12). Also:

• Some 'big six' clubs unhappy with value of Premier League TV deal.

Prior to yesterday's NBA Paris game between the Cavaliers and Nets, Cavs CEO Nic Barlage spoke about the game and the team's experience in France.

37 -- At 37 years old, new Patriots coach Jerod Mayo becomes the youngest head coach in the NFL. He is one month younger than Rams coach Sean McVay, who was previously the youngest coach (X, 1/12).